Japanese cryptocurrency investors will pay between 15 and 55 percent on their profits declared on their annual tax filings this year, reports Thursday, Feb. 8.
The Japanese National Tax Agency had already ruled “last year” that capital gains on transactions of virtual currency are considered “miscellaneous income,” Bloomberg writes.
The tax on cryptocurrency profits is higher than the around 20 percent tax levied on profits from stocks and foreign currencies, with the higher percentage tax applying to those who earn more than 40 mln yen a year (about $367,600).
In comparison, had announced in Jan. that , in line with the existing tax policy for corporations.
, around 40 percent of (BTC) trading recently has been against the yen, meaning the country will receive a large revenue from taxing crypto.
Image source: Bloomberg
Bloomberg reports that the Japanese National Tax Agency is creating a database of cryptocurrency investors, potentially to ensure enforcement of the tax laws, as well as retaining teams in Tokyo and Osaka to watch electronic trading.
The US (IRS) also reported today that they have of investigators aimed at tracking down crypto users that failed to report their profits in their tax declarations.
had back in April 2017, a step towards helping the government prevent unregulated exchanges from hacks and mismanagement like the meltdown in 2014.
Published at Fri, 09 Feb 2018 23:12:55 +0000
